Make sure goals are specific, measurable, action oriented, realistic and time bound or SMART.

2. Identify mentors.

The ideal mentor is an accomplished role model. This person should have an eagerness to help others and be willing to make a time commitment. Look for suitable mentors at your company.

When introducing mentors are introduced to their mentees, they should start off the relationship in a casual setting. For example, have mentors invite mentees out for coffee so that the employee will feel more comfortable speaking to a senior-level employee.

3. Design training materials.

Mentorship programs should be designed so that participating employees will learn skills to help them grow.

In addition to mentors and mentees having one-on-one meetings, offer an online-mentoring course or publish a handbook for mentors and mentees to follow.

4. Measure results.

Develop a plan to assess the success of a company's mentoring program by identifying the metrics to be used. Take note of the frequency of meetings and interactions between mentors and mentees.

Set up metrics to assess talent retention, employee engagement and even whether bonuses (for terrific work) went to particpating employees. These results can be measured every six months or during employee performance reviews.

A 2013 Vestrics study examined responses from more than 830 mentees and some 670 mentors participating in Sun Microsystem's program. Employee retention rates climbed 69 percent for the mentors and 72 percent for the mentees over the seven-year period of the study. The increased retention resulted in a savings of $6.7 billion in avoided staff turnover and replacement costs.

Since 2011 DHL Express has run an advanced mentoring program so U.S. employees can learn new skills, understand the company culture on a larger scale and develop a career path. Through this, 60 percent of the mentees advanced their careers at the company over the course of a year.